ASK lends £18.2m to private client investor for co-living scheme

ASK Partners provides senior loan facility secured against Chiswick Tower to a private client investor, who has plans for a co-living scheme.

The borrower has plans to transform Chiswick Tower into a co-living scheme | ASK Partners | BTR News
The borrower has plans to transform Chiswick Tower into a co-living scheme.

Specialist property lender ASK Partners has provided a 24-month senior loan facility of £18.2m to support a private client investor in the acquisition of Chiswick Tower.

ASK’s client acquired the site and plans to obtain permission to convert the building into a 415-bed co-living scheme, with an affordable housing scheme on the current car park area.

“We were delighted to lend against this site. Our client has a very sound business plan to repurpose this building, adding value to an already desirable development site. We are seeing appetite for co-living increase, as the set-up has gained in popularity amongst graduates and young professionals. The model has also now been bolstered by some very strong success stories in London.”

Elliot Blatt, Head of Origination, ASK

Currently, Chiswick Tower is an office block situated in the West London area of Chiswick next to Gunnersbury Park and tube station. The tower sits on a two-acre site and comprises a basement, ground and 17 upper floors of office accommodation. In its current state, the accommodation is not considered fit for purpose in the present market where tenant demand for high quality office space is soaring.

The building was put up for sale on the open market and received multiple bids reflecting its suitability for conversion into several alternative uses.